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Massif Capital’s Q1 2019 Investor Letter

Massif Capital, an asset manager with main focus on global opportunities in energy, industrials, and basic materials, has recently released its Q1 2019 Investor Letter – a copy of which you can download below. The hedge fund, managed by Mr. Thomson reported return of 4.3% for the first three months of 2019.


Dear Friends and Investors,

The core portfolio of Massif Capital returned 4.3% during the first quarter of 2019. A detailed report on our performance will be provided to investors in the coming days.

In our 2019 letters, we would like to share more of the research that goes into our investment decision-making process. This research is essential for understanding the context behind our investments but also lays the foundation for the intellectual capital we are building at our firm. Much of the research behind investment decisions does not percolate through into research reports but is often still worthy of focused commentary. We hope that throughout the year, coupled with our white papers we can increase your interest and knowledge in our industries and continue to demonstrate a clear and articulate framework for how we make decisions and measure value.

This quarter, our research shared will focus on a model that we use to evaluate capital intensive industries. It is a framework we have adopted that overlays traditional capital cycle analysis with behavioral finance. To frame the discussion, we will rely on two papers that address issues of significant concern for investors in real assets. The first paper is a 2013 paper entitled “Waves in Ship Prices and Investment” the second is an Oxford Institute for Energy Studies (OIES) paper entitled “Energy Transitions, Uncertainty, and the Implication of Change in the Risk Preferences of Fossil Fuels Investors.”

You can download a complete copy of Massif Capital’s Q1 2019 Investor Letter here:


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